28 Feb 2005 15:59

Interfax wins Financial Olympus 2005 award for information disclosure system

The system of disclosing information about landmark events of issuer companies developed by the Russian Federal Service for Financial Markets together with authorized agencies, Interfax and AK&M, has won the Financial Olympus award as the best project of the year for financial market players.

The award ceremony took place on Friday, February 25 in Cyprus.

The disclosure system (www.e-disclosure.ru) became one of the most popular web resources used by financial market players in 2004. Presently, 5,150 major Russian corporations disclose significant events in their operations. Some 250 reports about board and shareholder meetings, securities‘ issues, dividend payments and other corporate events are posted on the website daily.
"In our opinion, the advantage of the system developed in merely a year and a half is that the whole body of information is accessible to everyone without any restrictions. In practice, this offers equal opportunities to all investors, big and small, reducing the role of insider information on the market," said Dmitri Olenkov, head of the Interfax disclosure group.
The stock regulator introduced the mandatory requirement of disclosing significant events for issuer companies on the newswires of authorized news agencies, Interfax being one of them, in October 2003. Experts estimate that 85-90% of Russian issuers fulfill the requirement. All reports on significant facts are accessible without any restrictions on www.e-disclosure.ru and are transmitted to MICEX and RTS trading floors, to the systems of Internet brokers.
The Financial Olympus Award was established in 1995 by the Sodruzhestvo Association of Accountants and Auditors and is bestowed with the direct involvement of the Russian Chamber of Commerce and Industry, the Moscow International Business Association, the All-Russia Insurance Union, the Association of Regional Banks of Russia, the Association of Russian Banks and the Plekhanov Russian Economic Academy.
The award acquired international status in 2004 with the support of the CIS Executive Committee and the Interstate Currency Committee.